GoPro (GPRO): Expect Revenue At Or Above Consensus - Wedbush
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Wedbush analyst, Nick McKay, reiterated his Outperform rating on shares of GoPro (NASDAQ: GPRO) ahead of earnings and expects Q3 revenue at or above Street expectations driven by initial sell-in of the new HERO5s and sustained demand for its catalog products.
Estimates are for revenue of $320 million and EPS of $(0.32), vs. consensus of $316 million and $(0.36).
The analyst summed up his thoughts on the quarter stating "Our checks indicate strong demand for HERO5s at Best Buy, with the Black ranked number one and the Session ranked number two to four on its online Action Camcorders best sellers list every weekday we checked since launch. HERO4s showed continued strength online at Amazon and Best Buy through Q3. We do not think management would have chosen to temporarily avoid shipping HERO5s to Amazon if that decision resulted in a Q3 miss or a downward revision to FY:16 revenue guidance. GoPro does not provide quarterly guidance, but it likely would have pre-announced if results were weak, as it did in January".
No change to the price target of $17.50.
Shares of GoPro closed at $14.13 yesterday.
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